#WARONRUGS AMA Highlights

Q1

So.. let’s start! Can you introduce us what is WORLD and how the idea came to you?

A1

Sure, World token is a frictionless yield currency that has a 3% tax rate which gets redistributed to holders, marketing/development fund, and LP providers via farming contract.

The main product is going to be a decentralized escrow-based marketplace. We might have to come up with a layer2 to address the gas fees though to make it more user-friendly for small merchants! The concrete plans are always evolving to address issues.

As for the idea, it actually started as a normal staking thing, and some time in august I was thinking of a transaction tax that gets distributed to holders (apparently RFI had the same idea and implemented much quicker) so I kept letting the idea simmer, then I came up with the marketplace idea then it turned into a decentralized market, and so on. Just kept evolving from there more into what it is today. Even today the finer details continue to change!

Q2

What kind of things do you see to be on the marketplace?

A2

Yeah I saw that and that is a BIG step in the right direction imo. Anyway, the marketplace will be focused on smaller merchants, so initially we’re trying to take a bite out of the marketshare of traditional marketplace platforms like itch.io (for indie games), gumroad.com (for digital art, some games, comics, etc) and personally I really want to take a bite out of the custom content market. All sales final sounds like a perfect business model. Normally a big chunk of this is adult-oriented so we’ll have to find a way to keep a balance between the game devs, artists, adult content, gift cards, and whatever else we’ll be hosting. But these are the types of merchants who could use the extra earnings too and would more likely avail of keeping the tokens rather than dumping straight on the market, so it keeps price stability and demand could grow as more merchants and their following are onboarded. Support for NFTs and physical deliveries will come on the next release.

Q2.5

How does that refund mechanism will work?

A2.5

As for the refund mechanism, the escrow contract will be split into 2 parts, one half is whitelisted from tax so that if it has to refund, the buyer gets full tokens back. If the sale succeeds and is finalized, the escrow sends to the second half of the contract, which doesn’t get taxed, then releasing to the merchant will get taxed. How this would change for a layer 2 solution, we have yet to see but we will absolutely tackle this in the best way we see fit

Q3

How are you expanding on traditional marketplaces right now?

> Normally a big chunk of this is adult-oriented so we’ll have to find a way to keep a balance between the game devs, artists, adult content, gift cards, and whatever else we’ll be hosting.

Also yeah, I can see the next OnlyFans arriving on DeFi soon… hahaha, indeed that’s important to keep a balance, so you’ll be having an adult marketplace as well I assume?

Pretty smart regarding the escrow/refund contracts. Do you plan to get it audited?

A3

Traditional marketplaces lack security, period. Card details being stolen, login credentials hacked, phishing, you name it and they have that problem. But your login being your wallet? That is where defi shines and can overhaul cybersecurity on e-commerce.

I have been thinking about the subscription model, which in my opinion would have a great impact on choking supply without having the cost of additional rewards (as opposed to normal staking). Discount for the buyers for paying 3 months advance and sellers already earn holder rewards on those locked up funds. Timelocks are also amazing.

Yes since we are all publicly anonymous, I think auditing every major contract we will be releasing will be both important and feel safer for everyone involved. I also don’t want any exploits to be open.

Q4

That’s a great explanation. Centralized systems often requires trust and most of them are just terrible security wise. This applies to exchanges as well as marketplaces.

That’s a pretty nice subscription model, can you give us an example of what could be paid 3 months in advance?

> Yes since we are all publicly anonymous, I think auditing every major contract we will be releasing will be both important and feel safer for everyone involved. I also don’t want any exploits to be open.

Indeed! It’s very important to have safe contracts so they cannot be exploited or flash loaned. Speaking of anonymity, why didn’t you make a public company? Any reason behind this? WOR doesn’t really care about KYC and being public but some people might have this question.

A4

Something like a 30% discount for 3 months, and 10% for a month, I think the transaction tax can actually make up for this in that time, possibly more. We have been pretty steady on $4m volume a day, but as the price increases, the tokens transacted (and tax yielded) also moves down. So I need more data for now. We might give the sellers the option to set their own discounts on the periods but likely fixed pre-payment durations just to keep things uniform.

Making a public company carries a lot of additional expenses and jurisdiction rules, etc. Especially since per country most of these rules change, so we’d have to bring in a lawyer to boot, the expenses would kill us on top of marketing and development costs. But instead there was a simpler solution of going anonymous, keeping the buyers on the marketplace anonymous, safe but verifiable reviews, etc. Given what things can be done on the blockchain, being anonymous can actually be answered now with code. Aside from this I have personal safety reasons for being anon as we all know there’s nasty folks out there who will extort, or blackmail or whatever if they can get money out of you. So I’d like to stay off those radars, and protecting my team to do the same.

Q5

Great explanation. WOR is also anonymous for similar reasons. Angry bagholders and scammers definitely want some of our heads so we always take additional measures to protect ourselves. Regarding the company, we totally agree, even though some countries are cheap it still carries a lot of additional and often unnecessary expenses. But, on the other side give some nice added credibility for these kind of projects in my opinion (when people sees companies they see longer term investment). Regardless, code is law on the Ethereum network so as long as the code and the Uniswap pool are fine there is nothing to worry about. Of course if you abandon the project for X reason the project will end, unless you make it so decentralized that it doesn’t even require you anymore (Satoshi and BTC is a good example). Have you thought of having the marketplace hosted on IPFS so it can stay forever online?

A5

yes it is on the table to be hosted on IPFS, but we’re also considering how to make transaction disputes autonomous more. Would be a first, if we can make a system free from abuse. That’s where I’m stuck on right now but that’s for the third release of the platform so I have enough time I think :)

Q6

Glad to hear. Decentralization definitely makes regular, solveable problems into hard and complicated ones. At least we already have ETH and IPFS to solve many of them and build newer solutions on them.

Regarding the tokenomics, can you sell us more? Circulating supply, total supply? Market cap?

A6

Sure, Total supply is 100,000,000 tokens and there will never be more.

Circulating supply is 83.9M, 15M treasury in a lock up and 1.1M in the burn address. The burn address also receives holder rewards so this will grow over time, but I prefer to drive demand rather than scarcity.

Market cap right now is roughly $18.5M

Q7

What’s your roadmap after the marketplace? Any future plans? I assume you’d keep improving the platform and listen to feedback? Also in the more immediate future, any exciting stuff happening before the release of the marketplace?

A7

actually the main product is the marketplace right but aside from maintenance and improvements, the next step is a p2p exchange so people can use fiat to world and vice versa, originally it was the true next step to do a decentralized currency in order to make it more accessible and widespread so we will likely get started on that after the existing v0.3 plans

The p2p exchange plans has been very much in the background haha but I would love that as its a fiat onboarding ramp without having to deal with credit card fees and companies and regulation

Q8

True… if I understand well you will allow people to buy WORLD directly from investors and vice-versa?

A8

Yep, I got the idea because in the Philippines (where most of the team is based), our primary way of buying crypto has been Binance’s P2P platform. So we just go to a seller, do an escrow, and buy some USDT from a bank transfer or ewallet transfer (here it is gcash normally)

Binance only gets involved when there’s a dispute, and it’s been the cheapest way to get crypto as opposed to the PH version of coinbase, since they do bank transfers but the spread is a massive 5%

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